I remember seeing a superhero movie when I was younger. The opening scene was in space and a guy was spinning around in a white space ship becoming a superhero. He is then flying through space one arm extended in front and he is wearing I believe a red and blue shinny suit..

From memory he has a mustache when he is not in costume, there was a tractor scene and he used to transform with a watch.

Any help would be gladly welcome, I have been trying to remember this one for years!